Restrictions

Overview

The module will propose alternative solutions to the problem of resource allocation leading to consideration of the operation of the market mechanism; how the decisions and actions of economic agents are co-ordinated. Economic systems will be evaluated including treatment of circumstances in which markets are considered to fail. Market failure will be analysed utilising the micro-economic techniques developed earlier. In dealing with macro-economic issues such as inflation and unemployment, the UK economy will be used as the primary example, but students will be encouraged to apply their understanding to problems and policies in other economies as well. Likewise, the treatment of international trade will focus on the position of the UK economy with particular emphasis on its place within the European Union and the debate over the adoption of the Single Currency.

Learning outcomes

The intended subject specific learning outcomes.

On successfully completing the module students will be able to:
Utilise and apply appropriate techniques and models to deal with new and unfamiliar problems.
Identify and explain causal relationships in the explanation of economic phenomena.
Understand and apply economic concepts and terminology accurately and appropriately.
Demonstrate knowledge and understanding of a range of economic problems and proposed solutions.
Identify the assumptions underlying economic theories.
Evaluate policy responses to a range of economic issues and problems.
Explain and analyse the main events and issues in the UK, European and global economies in recent years.
Utilise graphical and numerical methods in the presentation and analysis of economic issues and problems.
Utilise economic data drawn from a range of sources and to evaluate the accuracy and reliability of that data.

The intended generic learning outcomes.

On successfully completing the module students will be able to:
Construct a sustained, logical argument in essay form, utilising appropriate evidence to illustrate and support their arguments.
Take into account alternative perspectives and to demonstrate balance as a basis for reaching a reasoned conclusion.
Identify and analyse the requirements of questions and to select material to enable them to produce concise and relevant responses within time constraints.
Present and express their ideas orally to others and to respond sensitively to the views of others.
Research topics in depth to obtain material and evidence to support a sustained argument.

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